09/23/2013 12:13 EDT

Vancouver Condo Purchase The Most Expensive In Canada? (PHOTOS)


The $40 million purchase of a Fairmont Pacific Rim penthouse suite and a unit on the floor below was Canada’s most expensive condo purchase, according to Bloomberg news.

A Middle Eastern royal bought the “prestigious and coveted penthouse residence” for $25 million in June, and the additional unit upped the price to $40 million, according to the Vancouver Sun.

The five-star hotel’s penthouse last sold for $17 million in April 2010, while the other unit last sold for $5.5 million in February 2010.

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Fairmont Pacific Rim

Realtor Malcolm Hasman told the Vancouver Sun the sale shows foreign buyers’ interest in Vancouver’s market.

“Vancouver has been fuelled tremendously in the last couple of years by high-end wealthy Chinese and Hong Kong buyers,” he said.

Sotheby's International Realty Canada recently noted luxury home sales will likely increase in the fall months, thanks to international investors, the Canadian Press reported. Those buyers will mostly come from China, Russia, the Middle East, India and the U.S.

It also said sales of high-end homes worth at least $1 million had increased in the first half of the 2013, compared to the last half of 2012.